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Author: Dr. Gary L. Roberts
Publisher:
ISBN:
Category : Consolidation and merger of corporations
Languages : en
Pages : 87
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Author: Dr. Gary L. Roberts
Publisher:
ISBN:
Category : Consolidation and merger of corporations
Languages : en
Pages : 87
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Book Description
Author: Richard J. Gilbert
Publisher:
ISBN:
Category : Clayton Act
Languages : en
Pages : 40
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Author: Christian R. Fackelmann
Publisher:
ISBN:
Category :
Languages : en
Pages : 0
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Book Description
Dynamic efficiencies theoretically bear greater potential than static efficiencies. Yet, their role in merger control is limited, not least due to difficulties in their practical implementation. At the same time, the new EC Merger Control Regulation (ECMR) and the Commission's Horizontal Merger Guidelines explicitly acknowledge dynamic efficiencies as a cognizable type of merger-related benefits. This paper aims to contribute to the analysis of two questions: (i) do the new Guidelines represent a workable analytic framework for the evaluation of dynamic efficiency claims and is there room for dynamic efficiencies in the current merger control regime, and (ii) what are the main problems in practice, and what would adequately improve the current framework of efficiency analysis? In its first part, this paper provides an introduction to the economic implications of the analysis of merger-related efficiencies. The second part analyses the role of dynamic efficiencies under the new merger control regime, focusing on the requirements stipulated in the ECMR and the Guidelines. Part three analyses crucial problems and according benchmarks which have to be considered when discussing proposals to refine dynamic efficiency analysis. It identifies four crucial problems: (i) insufficient information about potential efficiencies, (ii) existent information asymmetrically distributed between the Commission and the parties, (iii) a lack of legal certainty and business predictability for the firms and (iv) potential detrimental cost effects of the respective approach to efficiency analysis. Part five discusses various suggestions for reform of the procedural approach to efficiency analysis. Finally, the paper suggests the introduction of an ex post audit regarding merger-related efficiencies. It constructs a four-stage decision framework within which the ex post audit aims to - in the long term - provide both merging parties and the Commission with more solid information about the potential of mergers to create (dynamic) efficiencies and the particulars of such benefits.
Author: Jeremy K. West
Publisher:
ISBN:
Category :
Languages : en
Pages : 0
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This document (of 293 pages) comprises the proceedings of a roundtable on held by the OECD's Competition Committee in June 2007. It consists of an executive summary and background paper by the Secretariat, as well as 13 delegation submissions and a summary of the oral discussion. Generally speaking, efficiencies are synergies that enable firms to improve their performance, whether in terms of cost, quality, service, or in the variety of products or services they offer. Some efficiencies are static and some are dynamic, but all of them are good for the welfare of society. Merging companies sometimes argue that even though their proposed union will increase market concentration, any harm stemming from a lessening of competition will be more than offset by the efficiencies that the merger would generate. This roundtable explored some of the thorny issues that competition agencies confront when presented with arguments about dynamic efficiencies. Despite growing interest in efficiencies since the 1970s among competition authorities and courts, there has been a persistent reluctance to incorporate efficiencies in merger analysis. That reluctance is even greater with respect to dynamic efficiencies than it is with respect to static ones. The reason is that even in a static analysis, determining whether a merger is likely to lead to efficiencies and how they will compare with any anti-competitive effects the merger is expected to cause is quite difficult. Making the leap to predicting a merger's dynamic effects is much harder still because those effects will occur - if at all - over several time periods and may be more abstract in nature. Nevertheless, a growing body of commentators is asserting that enforcement agencies should pay more attention to dynamic efficiencies and less attention to short-run price effects, especially in markets where consumers have more to gain through innovation than through lower prices on existing products. Both the desirability and the difficulty of placing more emphasis on dynamic efficiencies in merger reviews are addressed.
Author: Susanne Trimbath
Publisher: Springer Science & Business Media
ISBN: 9781402070150
Category : Business & Economics
Languages : en
Pages : 312
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Book Description
Mergers And Efficiency: Changes Across Time focuses on one aspect of the corporate finance revolution that restructured Corporate America and led to the longest expansion in U.S. history - changes in rates of merger efficiency. Demystifying this most controversial and dynamic period of U.S. economic history is key to understanding the business, financial and economic innovations that defined the last two decades of the 20th century. In addition, it is important to create a careful empirical understanding of the conditions under which merger activity increased or decreased firm efficiency, industrial productivity, and overall improvements in aggregate output and economic performance.
Author: Malcolm B. Coate
Publisher:
ISBN:
Category :
Languages : en
Pages : 0
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Book Description
It is well known that an optimal merger policy requires consideration of efficiencies in enforcement decisions. However, as understanding of a market's equilibrium structure is required to integrate the efficiency defense into a merger analysis, efficiency evaluations are controversial. New Institutional Economics further complicates the discussion by highlighting the need to address a range of transaction cost issues. This paper reviews the debate and promotes the application of an institutionally-based business strategy analysis to evaluate both efficiencies and competitive concerns in an integrated framework. In special cases, formal mathematical analysis may be used to balance the two concerns, while in most situations a qualitative presentation will be required. The paper concludes with a discussion of the current state of the efficiency defense and a proposal for the qualitative use of customer opinions to balance competitive concerns with efficiency benefits.
Author:
Publisher:
ISBN:
Category : Antitrust law
Languages : en
Pages : 96
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Author: Veronika Minkova
Publisher: GRIN Verlag
ISBN: 3656016984
Category : Law
Languages : en
Pages : 23
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Essay from the year 2011 in the subject Law - Civil / Private, Trade, Anti Trust Law, Business Law, grade: 1,3, University of Reading, course: European Competition Law, language: English, abstract: The first section of the present essay discusses historically the European Commission’s approach towards efficiencies. The second section elaborates on the choice of welfare standards and explains the European approach of adopting the consumer welfare standard. The third section outlines types of efficiencies according to the economic literature. The fourth section discusses the three cumulative conditions of the European Commission in order to consider efficiency claims. The next section reveals the Commission decisional practice in cases of efficiency claims and analyses its development. In the last chapter more attention is paid to theory and practice of efficiencies in cases of non-horizontal mergers.
Author: John Kwoka
Publisher: MIT Press
ISBN: 0262028484
Category : Business & Economics
Languages : en
Pages : 283
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Book Description
A comprehensive analysis of merger outcomes based on all empirical studies, with an assessment of the effectiveness of antitrust policy toward mergers. In recent decades, antitrust investigations and cases targeting mergers—including those involving Google, Ticketmaster, and much of the domestic airline industry—have reshaped industries and changed business practices profoundly. And yet there has been a relative dearth of detailed evaluations of the effects of mergers and the effectiveness of merger policy. In this book, John Kwoka, a noted authority on industrial organization, examines all reliable empirical studies of the effect of specific mergers and develops entirely new information about the policies and remedies of antitrust agencies regarding these mergers. Combined with data on outcomes, this policy information enables analysis of, and creates new insights into, mergers, merger policies, and the effectiveness of remedies in preventing anticompetitive outcomes. After an overview of mergers, merger policy, and a common approach to merger analysis, Kwoka offers a detailed analysis of the studied mergers, relevant policies, and chosen remedies. Kwoka finds, first and foremost, that most of the studied mergers resulted in competitive harm, usually in the form of higher product prices but also with respect to various non-price outcomes. Other important findings include the fact that joint ventures and code sharing arrangements do not result in such harm and that policies intended to remedy mergers—especially conduct remedies—are not generally effective in restraining price increases. The book's uniquely comprehensive analysis advances our understanding of merger decisions and policies, suggests policy improvements for competition agencies and remedies, and points the way to future research.
Author: Ken Heyer
Publisher:
ISBN:
Category : Antitrust law
Languages : en
Pages : 44
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